There is clearly danger of a spill-over into Bahrain and the eastern province of Saudi Arabia, home to the Kingdom’s aggrieved Shia and most of its oil. Even so, the Iran risk premium in global crude prices is only $10 to $15.

The world must invest $1.5 trillion just to avoid a lethal crunch. Even then prices are likely to rise “viciously” unless nuclear power and the renewable family of hydro, wind, and solar can come to the rescue. Fukushima has killed nuclear expansion in Japan, Germany, and beyond. The green drive has faltered, oddly vilified in this country by conservatives who should be its natural defenders.